Can a bank loan officer limit my options to 1 loan, is there no anti-steering disclosures necessary?

Loaded question alert!!!... the "Anti Steering, Safe Harbor" laws do not specifically say a lender has to give you 3 options.. it just states we cannot steer you to any given loan product because one would pay us more than the other... The individual lenders have come up with an "Anti Steering" form that identifies several loan options and those lenders require an acknowledgement from the borrower, but this is not a required form to comply with the federal laws, only the lenders requirements.. Keep in mind that these rules only apply to "Brokers", and not banks.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Really need more info to answer, there may only be one option that makes sense for you, or that is the only option they offer that fits your situation. Some borrowers get confused if you provide too much info and a loan officer will only present the option that makes sense for their situation. The relationship should involve trust, if it doesn't get a 2nd opinion or find someone else to work with.... Good luck!

This is Kind of an open ended question and really need some more info but keep in mind that banks operate under some different rules than Brokers. One of things that is missing from your question is whether you are referring to a 1st lien mortgage or a Heloc. Disclosures are different for Helocs than 1st liens.

A bank might not have as many programs available to offer you as a broker does. Perhaps they only have one program that makes sense for you. If you do not like the choices they are giving you, shop around for a different lender. What are looking for - a purchase or a refinance? We are a broker located in San Diego.

Your situation may limit you to one loan whether you speak with a mortgage broker or banker or a bank or credit union. There are times when speaking with a client that as they divulge more info, options start slipping away and we are left with just one option.As Phil says, you nee trust and what I do is tell my clients why certain options were just removed. Banks usually have less options than mortgage brokers or mortgage bankers. I am at (866) 385-1650 and I am in CA as well.

The Anti-steering disclosure is not required by banks, only brokers. Therefore, if you go through the bank, they do not have to give you the other options under the anti-steering rule, as the rule does not apply to them. Let me know if you need more information. Call me to go over the details of this rule and how it can affect you. 855-796-5626